The Toronto-based development company Mattamy Homes is selling its assets in Minnesota to CalAtlantic Homes and M/I Homes Inc. The company does work in nearby Carver, Chaska, Minnetrista, Shorewood, Victoria and Waconia. The deal is expected to close in April.
“Minnesota was Mattamy’s first expansion outside the Greater Toronto Area and over time has produced solid results for the company,” Mattamy Homes Founder and CEO Peter Gilgan said in a press release. “However, Minnesota is not a long-term strategic fit for Mattamy’s business in the U.S., as it doesn’t align well in terms of our geographic focus. CalAtlantic Homes and M/I Homes both have a much larger presence in the Midwest, and should benefit from the economies of scale afforded by this concentration.”
Mattamy Homes said they will continue to develop unfinished lots and will continue to build and provide service to current customers.
Mattamy Homes began development of Woodland Cove in Minnetrista in 2013. According to Minnetrista Community Development Director David Abel, Mattamy has between 300 and 350 homes in development in Minnetrista. He expects that development to continue as planned.
“They’ve already done the roads, water and utilities,” he said. “They’re building homes as we speak. From what I understand, anything they’re currently constructing, they’ll finish.”
Abel also said he’s not concerned about the sell and already has meetings set up with the buyers to make sure everything goes smoothly in Minnetrista.
“We’ve been through this before,” he said. “We’ll just see a different name on the development and be working with different people.”
Mattamy is also working on the Crosswinds development in Waconia. As far as Waconia Development Director Lane Braaten knows, nothing is changing there as of yet. Braaten said Mattamy had not been in contact with the city.
Mattamy will maintain it’s properties in other U.S. cities such as Orlando, Florida; Phoenix, Arizona; Tampa, Florida; and Charlotte, North Carolina.